Market Watch: Big Firms will Continue to Feel the Pinch

Those who monitor the legal economy believe that the largest of firms will continue to feel the economic squeeze, possibly resulting in layoffs at these firms or even dissolution of a few more of them.  Corporate clients of large firms are exerting pricing pressure (read: huge bills, high rates for new associates, and lack of attention to cost cutting continue to be less acceptable).  What is the takeaway?  Being a corporate attorney today means being in tune with cost-sophisticated clients.  One needs to justify expenses carefully, and understand that clients often want the most cost-effective solution—not necessarily the one that results in a ton of billable hours.  Project management and problem solving skills may be the most useful ones to develop.